Tuesday, April 13, 2021

Square buys majority stake in Tidal, adds Jay-Z to board

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The Jack Dorsey-led financial services firm, Square, has reached a deal with Jay-Z to take control of Tidal in an attempt to rejuvenate the struggling music streaming platform.

The firm will pay $297 million in cash and stock for a “significant majority ownership stake” in Tidal, which the Brooklyn-born rapper acquired for $56 million in 2015.

Jay-Z will also join Square’s board of directors once the deal closes in the second quarter of this year.